There is a growing class of people starting companies out of desperation for status rather than being inspired. To them, a startup is a vehicle to secure funding, avoid gaps in employment, and access the social prestige that now comes with being a “founder”.
The companies of great founders emerged from problems that they felt compelled to solve. Their obsession served as a compass when money was low. Conviction cannot be manufactured. Venture capital can only support those who already have fire in their eyes.
The industrialisation of venture capital has turned startups into spectacles. Dropping out of prestigious universities seen as a rite of passage. Raising money is celebrated ostentatiously rather than being treated as the beginning of a fiduciary duty.
This is the paradox of startups and venture capital. The industry has fallen victim to Goodhart’s Law: by creating clear metrics for what a “fundable” company looks like, it created a class of “founders” who aim to game the metrics. This creates a loop where people talk more and do less.
The ones who follow their curiosity are the ones building the future.